Union Budget Ahead. What Do Indian Startups Want?
At a time when the Union Budget is being telecasted and broadcasted live, we can’t keep our cool at the news desk.
Here’s a look at what our startup entrepreneurs want from the budget:
Geetika Dayal, Executive Director, TiE Delhi-NCR, “While there are many favourable policies currently in place, the government needs to make more revisions to existing startup regulations to provide the entrepreneurial ecosystem with the support it needs to thrive and grow. To begin with, it needs to do away with outdated taxes that are eating into their profitability and curtailing their growth potential. Indian entrepreneurs do not need handouts, but they do need incentives and provisions that can help them realise their business goals and drive accelerated scale for their business ventures. We hope that the re-elected government will continue to build on the good work that it has been doing for the start-up industry with more conducive policies in the upcoming budget.”
Dockabl, a an employee engagement platform co-founders Samarth Masson & Sanjeev Grover, said, “The government has taken significant steps to boost the ease of doing business in India, yet there are many issues that remain unaddressed. With this budget, we expect the government to relook at taxes like Angel Tax, which are limiting the investment prospects of startups. Providing rebates and incentives can encourage investors and private incubators to invest in startups. While the government set compliance regulations across several sectors, it did so without any provision to educate the entrepreneurs. To combat this, the government should put in place training hubs for entrepreneurs so that the startups can single-mindedly focus on innovation, thereby becoming more productive. Now that the government is re-elected, we expect it to work on these gaps and drive India on its way to becoming the fastest-growing economy.”
Ashish Sharma, CEO of InnoVen Capital said, “The Fintech eco-system has grown nicely over the last few years and India is among the leading markets with respect to the pace of adoption of fintech. One area where the Government/Regulator can help is to streamlining of the eKYC process, where there have been several changes and confusion which lead to rework of processes. RBI has also issued guidelines for “offline KYC”, which should help as these get fully rolled out”.
Needless to say that the Indian startups have high expectations from the Union Budget. In a nutshell, there are a few common things like addressing the problem of angel tax, boosting the startups that are present and operating so that Indian entrepreneurs remain functional, and not get crippled by archaic laws.